Effective financial management is not determined solely by income level, but rather by prudent and disciplined handling of existing resources. Whether you are a seasoned investor or just beginning your financial journey, developing sound financial habits is essential for building long-term wealth. Five Smart Financial Habits That Build Long-Term Wealth 1. Budget With Purpose Start …
Income tax is one of the most crucial pillars supporting the economic framework of a country. In India, the income tax system is governed by the Income-tax Act, 1961, and is administered by the Central Board of Direct Taxes (CBDT). It is a form of direct tax, which means it is paid directly by the …
For salaried individuals in India, Form 16 is a critical document that plays a pivotal role in the process of filing income tax returns. Often referred to as the salary TDS certificate, this form is issued annually by employers and serves as proof that Tax Deducted at Source (TDS) has been deducted from an employee’s …
Form 16 Explained: A Guide for Salaried Employees Read More »
Taxation is a fundamental aspect of every country’s economic structure, serving as a primary source of revenue for the government to fund infrastructure, education, healthcare, defense, and public welfare programs. In India, taxes are broadly classified into two categories — direct taxes and indirect taxes. Understanding the distinction between these two is essential for taxpayers, …
Understanding the Difference Between Direct and Indirect Taxes Read More »
“Discourage Litigation. Persuade neighbors to compromise whenever you can. Point out to them how the nominal winner is often a real loser – in fees, expense and waste of time. As a peacemaker the lawyer has a superior opportunity of being a good man. There will be business enough.” – Abraham Lincoln In today’s fast-paced …
Businesses require substantial financial resources to fund growth, expansion, and new ventures. To secure these funds, companies typically rely on two primary financial instruments: shares and debentures. While both serve as effective fundraising tools, they function in distinctly different ways, each carrying unique rights, obligations, and implications for the company and its investors. Shares represent …
Introduction Section 194T briefly from the Income Tax Act, (1) Any person, being a firm, responsible for paying any sum in the nature of salary, remuneration, commission, bonus or interest to a partner of the firm, shall, at the time of credit of such sum to the account of the partner (including the capital account) …
Section 194T: Compliance and Impact of TDS on Payments to Partners Read More »
Being aware of the risks associated with an investment can help investors make better decisions and avoid potential pitfalls. By understanding the different types of risk including Inflation risk, investors can create a more balanced portfolio, reducing the impact of adverse market events and increasing the likelihood of achieving their financial goals. It is possible and …
What is a Partnership Firm? Understanding the Basics and the Role of a Partnership Deed In the world of business, collaboration often opens the door to success. One such collaborative business structure is a partnership firm. Whether you’re launching a boutique, a café, or a consultancy, a partnership can be a great way to pool …
Everything you need to know about Partnership Firm: A Brief Guide Read More »
In an era where financial decisions significantly influence life quality, financial literacy has emerged as a crucial skill for individuals of all ages. It extends far beyond the mere ability to manage a bank account; it encompasses understanding how money works in the world, how someone manages to earn or make it, how that person …
The Role of Financial Literacy in Wealth Creation Read More »